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| Title: | 價值攸關的智慧資本對不同生命週期公司 IPO成功的影響 － 以台灣生技產業為例
The Relationship Between IPO Success And Value-Related Intellectual Capital － Evidence From Taiwan Biotechnology Industry |
| Authors: | 楊嵂晴
Yang, Lu-Ching |
| Contributors: | 吳啟銘
楊嵂晴
Yang, Lu-Ching |
| Keywords: | 台灣生技產業
上市櫃公司
智慧資本
IPO success |
| Date: | 2018 |
| Issue Date: | 2018-07-03 17:25:10 (UTC+8) |
| Abstract: | 生技產業由於它有投資期間較長的特性，初期需要大量的資本投入且不確定性相對高，也常有多年虧損，我們較無法透過一般的財務數字走勢或財務比率去評斷一家生技公司的好壞與價值，故公說書無形資產揭露所形成的智慧資本是否價值攸關，讓公司能在不折價發行的情況下成功募得資金乃本研究的重點與不同以往文獻的 IPO 成功設計，透過實證研究找出對台灣生技產業 IPO 成功有所影響的價值攸關智慧資本。
本研究衡量三大智慧資本：創新資本、顧客資本、人力資本，分析其價值傳遞，探討是否會影響公司成功上市櫃，又為避免不同生命週期其特性有所不同，而選擇將之分拆為：成長期與成熟期，分別探討避免相互影響，並研究兩組的智慧資本影響程度差異。
以主計處之產業分類，取 2000 年至 2017 年台灣上市櫃的生技公司做為樣本，共 102 家，對半分成兩組，利用多元迴歸分析。實證發現： (1) 創新資本對成熟期公司 IPO 成功為負向顯著的影響 (2) 人力資本中的員工生產力對成熟期公司 IPO 成功為正向顯著的影響 (3) 創新資本中的研發費用、無形資產扣除商譽對成長期生技公司 IPO 成功之影響較成熟期正面；反之顧客資本中的行銷費用對成熟期的生技公司 IPO 成功之影響較成長期正面。
Due to Biotechnology Industry’s longer investment term characteristic, great amount of capital expenditure in the early stage and higher uncertainty, we can’t use general methods like financial performance to judge a biotech company’s value. So, this study will focuses on whether investors truly understand the value-related intellectual capital when intangible assets disclosed from IPO prospectus and let company’s IPO success- raising the fund without underpricing. Hoping that this thesis can find the key intellectual capital through empirical research which highly affect IPO success.
This study measures three intellectual capitals: Innovation capital, Customer capital and Human capital, and analyzes which factors will affect IPO success. To avoid ignoring the value of life-cycle which leads wrong analysis, this study separates data into two groups: growth and mature. After that, I’ll analyze the difference between levels of effects.
These samples consisted of 102 firms and are selected by DGBAS and TEJ which IPO in 2000 to 2017. By Multi factor regression method, the model suggests: (1) Innovation capital has a significantly negative effect to mature company’s IPO success. (2) Average sales in Human capital has a significantly positive effect to mature company’s IPO success. (3) R&D expense and intangible asset in Innovation capital has more positive effect to growth companies’ IPO success than mature companies. On the contrary, advertising expense in Customer capital provides more value-related information in the mature companies IPO success than in the growth ones. |
| Reference: | 中文參考文獻
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| Description: | 碩士
國立政治大學
財務管理學系
105357027 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105357027 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.Finance.011.2018.F07 |
| Appears in Collections: | [財務管理學系] 學位論文
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